Plastic waste management market 'to grow to $26bn by 2020'

Plastics for recycling

This is according to a new report published by Research and Markets, which forecasts a CAGR increase of 3.02 per cent between 2015 to 2020, taking the market value to $26,573.3 million (€24.4 million, £17.6 million).

The Plastic Waste Management Market Report 2015 pinpoints a rising urban population, industrialisation, growing consumer awareness and stricter regulations as the major factors behind this increase, which is further driven by a global rising demand for plastic products - from water bottles to cars.

The largest portion of market share will be accounted for by the Asia-Pacific region, followed by North America and Europe, which have an established plastic waste management industry due to the willingness of companies in the region to take up capital intensive projects, along with the availability of technical expertise.

The recycled plastics market is projected to witness the highest demand from packaging manufacturers, the report stated.